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Alex and Addison are married and have the following income items: Alexs salary $ 58,250 Addisons Schedule C net profit 41,900 Interest income 1,450 Addisons
Alex and Addison are married and have the following income items:
Alexs salary | $ 58,250 |
---|---|
Addisons Schedule C net profit | 41,900 |
Interest income | 1,450 |
Addisons self-employment tax was $5,920. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,370 itemized deductions and no children or other dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
AGI
Taxable Income
Income Tax
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